Gifts are never taxable to the recipient. Gifts are taxable to the giver only if the lifetime amount of gifts given is more than $5.4 million. If the gift is more than $14,000 per person per year, a gift tax return is required (from the giver) to record the gift against their lifetime total but no tax is owed. Turbotax does not prepare this form, you can get it from the IRS web site.
